Selling Scrap Gold

The "buy gold now" advertisements have finally sent me over the edge. They're almost as bad as those "Free Credit Report" ads. Wherever I turn these ads pop up in both the MSM and electronic sources. Now, any well-informed person should recognize that the reason these companies want you to buy gold NOW is because gold prices are currently very high. You buy their high-priced gold, they make a high-priced profit because they bought theirs when it was half the current price. Remember the golden rule of investment: Buy low, sell high.

Sell your gold, silver, and scrap now to get the best return. You may never have another opportunity at these prices. But remember, you will not be selling it for the actual gold prices listed on the stock exchange, which as I write this is about $945 per troy ounce for 24 carat gold. In fact when selling gold, the price is determined by the gold content of the item as shown in this list:
Carat value vs % of gold
10 carat = 41.67%
12 carat = 50%
18 carat = 75%
22 carat = 91.67%
24 carat = 100%
But, the gold buying companies are not going to give you the $945 stock exchange paper price for 1 oz of 24 carat gold. The formula for figuring out what you can make on the lower grades of gold is not impossible but takes several steps to convert using a calculator and a scale to weigh the pieces. Before anyone goes to sell any precious metals, they need to take the time to figure out what it is worth so they aren't taken by unscrupulous dealers. Also be aware that some pieces of jewelry may be worth more if sold intact with the stones, and in some cases, the gold or silver may be mixed with other metals, like platinum and rhodium, that are far more valuable than the gold or silver. Be especially aware of so called "white gold." Make sure you know what it is. If you don't know, have the piece tested if it is large. Smaller pieces probably aren't worth the cost of testing.

These companies that are buying and selling still have to make a profit to stay viable in the marketplace, so expect to be paid at best one-third of the current gold price when you sell. You would be far better off visiting the local pawn shop. Some day, you might not be able to sell or buy gold so you might as well sell it now while prices are high and pay off some bills or stock the pantry.

PS: Cash4Gold.com has PAID OUT $100 million in fees buying scrap gold from folks like you and me. Well actually not me since I have not sold any but how much do you think they have made after refining and reselling? Probably at least 4 times what they bought it for. That is an astounding amount of money, nearly a half billion. Somebody's raking it in.